OPENING A BANK ACCOUNT IN TURKEY FOR FOREIGNERS (2025)
Can Foreigners Open a Bank Account in Turkey?
Foreigners visiting Turkey for tourism or business purposes, or those residing in Turkey, can open bank accounts either with or without deposits. This allows foreigners to safely keep their money in the bank, pay rent, pay bills, send money, shop, or, if they are employed, receive their salary through the bank.
For bank accounts to be opened at public or private banks, each bank has different procedures and document requirements. The country of citizenship of the foreigner is also important in the process of opening a bank account, as banks may not open accounts for citizens of every country or may have additional and special requirements to do so. For this reason, working with an experienced lawyer in the matter of opening a bank account in Turkey is important to ensure the process is completed quickly and correctly.
Documents Required for Opening A Bank Account in Turkey for Foreigners
- A document showing the address of residence in Turkey (e.g., rental agreement, title deed, or a declaration of guarantee provided by a Turkish citizen),
- (If the applicant is non-resident in Turkey) A document showing the abroad address. (Utility bill)
- Original passport or a notarized Turkish translation of the passport,
- Four biometric photos with a white background,
- Phone number,
- Potential tax number or foreign identification number.
NOTE: The document requirements may vary from bank to bank. The items listed above are the minimum requirements, but the banks may request additional documents.
Is a Residence Permit Required for Opening A Bank Account in Turkey for Foreigners?
A residence permit is not legally required for foreigners to open a bank account in Turkey. However, some banks impose this requirement as part of their internal policies. Therefore, it is essential to confirm whether the bank in question mandates a residence permit before proceeding.
For foreigners without a residence permit, it is still possible to open a bank account by presenting a utility bill from their home country dated within the last three months.
How Long Does It Take Opening A Bank Account in Turkey for Foreigners
The time required to open a bank account for foreigners depends on the completeness of the documents and the foreigner’s country of citizenship. On average, it takes 1 to 3 business days.
Is Having a Bank Account Mandatory for Foreigners Applying for a Short-Term Residence Permit for Tourism Purposes?
No, opening a bank account in Turkey is not mandatory for residence permit applications. Foreigners visiting Turkey for tourism and intending to stay longer than 90 days, thereby applying for a short-term residence permit, must demonstrate proof of regular financial income. This can be done by providing account statements from foreign banks.
Authorities typically require applicants to submit documentation showing at least six months of account activity or a bank account statement. However, for foreigners without real estate, rental income, or a financial support declaration, opening a Turkish bank account may become essential to meet the requirements for obtaining a residence permit.
Which Banks Open Accounts for Foreigners?
The availability of bank accounts for foreigners varies depending on the social and economic conditions of the foreigner’s country of citizenship. In practice, citizens of Russia and Iran face difficulties opening bank accounts due to sanctions.
Banks that commonly open accounts for foreigners include: QNB Finansbank, Garanti BBVA, Halkbank, Ziraat Bankası, VakıfBank, KuveytTürk.
Other banks may also provide account opening services. However, the specific circumstances of the foreigner should be assessed by a lawyer.
Opening A Bank Account in Turkey for Foreigners in the Process of Acquiring Turkish Citizenship by Investment
For acquiring Turkish citizenship by investment, a Foreign Exchange Purchase Certificate is mandatory. This document proves that the foreign currency was sold to a Turkish bank operating in Turkey for onward sale to the Central Bank before the title deed transaction.
Foreigners buying real estate must first sell their foreign currency to the Central Bank via a Turkish bank. The bank then issues the Foreign Exchange Purchase Certificate, which must be submitted to the title deed office.
This requirement has been in effect since January 24, 2022. Foreign currency must be exchanged through a bank operating in Turkey, which will then transfer it to the Central Bank. Therefore, currency exchanged through exchange offices or personal transactions cannot be used in real estate purchases.
Additionally, for citizenship applications based on capital investment or a deposit of at least 500,000 USD or its equivalent in Turkish Lira held in a bank for three years, the foreigner must have a bank account.
Opening A Bank Account in Turkey for Foreigners (Iranian, Russian, and Ukrainian Citizens)
Due to the Russia-Ukraine war, Russian and Ukrainian citizens residing in Turkey and in need of bank accounts, as well as Iranian citizens, can open bank accounts in Turkey.
Opening Bank Accounts for Foreign Companies
Companies established in Turkey with foreign partners, as well as branches of foreign companies operating in Turkey, can open bank accounts. However, foreign companies must meet certain conditions to do so.
Opening Bank Accounts for Foreigners with Legal Assistance
Opening a bank account for foreigners in Turkey is subject to specific requirements. Additionally, certain documents are required to complete the process. Legal assistance can make the process more efficient, saving the individual time and money. It also ensures the preparation of the necessary documents.
Special Banking Services for Foreigners and Refugees in Turkey
a) Foreign Currency Accounts
Foreigners can open accounts in foreign currencies in Turkey. These accounts are used for international money transfers and foreign exchange transactions.
b) Digital Banking Services
Many banks offer digital banking services for foreigners and refugees. These services allow transactions without visiting a branch. However, the initial application for account opening typically requires a physical presence.
c) Microcredit and Financial Integration
Some banks and financial institutions offer microcredit programs specifically for refugees. These programs aim to increase opportunities for refugees to start businesses and participate in the economy.
FREQUENTLY ASKED QUESTIONS
1.Can Foreigners Without a Residence Permit Open a Bank Account?
Yes, foreigners without a residence permit can open a bank account. Although some banks require a residence permit, accounts can still be opened without it, especially with the assistance of a lawyer.
2.Which Banks Open Accounts for Foreigners?
Foreigners can open accounts at almost all banks, including: QNB Finansbank, Garanti BBVA, Halkbank Ziraat Bankası, VakıfBank, KuveytTürk Bank.
3.Which Banks Provide Credit Cards to Foreigners?
Most banks offer credit cards to foreigners, including: QNB Finansbank, Garanti BBVA, Halkbank, Ziraat Bankası, VakıfBank, Yapı Kredi Bankası, Akbank, KuveytTürk, İş Bankası
4.How Can Foreigners Open a Bank Account in Turkey?
It is legally possible for foreigners to open a bank account in Turkey, with no restrictions on this matter. The Banking Law No. 5411 and related regulations ensure that both local and foreign individuals have equal access to banking services.
5.Does QNB Finansbank Open Bank Accounts for Foreigners?
Yes, QNB Finansbank opens bank accounts for foreigners and also provides them with credit cards. Since the list of required documents and conditions can frequently change, it is advisable to work with an expert to ensure a smooth process.
6.Does GARANTİ BANK Open Bank Accounts for Foreigners?
Yes, GARANTİ BANK opens bank accounts for foreigners and also provides them with credit cards. Since the list of required documents and conditions can frequently change, it is advisable to work with an expert to ensure a smooth process.
7.Does ZİRAAT BANK Open Bank Accounts for Foreigners?
Yes, ZİRAAT BANK opens bank accounts for foreigners and also provides them with credit cards. Since the list of required documents and conditions can frequently change, it is advisable to work with an expert to ensure a smooth process.
8.Does IS BANK Open Bank Accounts for Foreigners?
Yes, IS BANK opens bank accounts for foreigners and also provides them with credit cards. Since the list of required documents and conditions can frequently change, it is advisable to work with an expert to ensure a smooth process.
9.Does VAKIFBANK Open Bank Accounts for Foreigners?
Yes, VAKIFBANK opens bank accounts for foreigners and also provides them with credit cards. Since the list of required documents and conditions can frequently change, it is advisable to work with an expert to ensure a smooth process.
10.Does HALKBANK Open Bank Accounts for Foreigners?
Yes, HALKBANK opens bank accounts for foreigners and also provides them with credit cards. Since the list of required documents and conditions can frequently change, it is advisable to work with an expert to ensure a smooth process.
11.Does TEB BANK Open Bank Accounts for Foreigners?
Yes, TEB BANK opens bank accounts for foreigners and also provides them with credit cards. Since the list of required documents and conditions can frequently change, it is advisable to work with an expert to ensure a smooth process.
12.Does KUVEYTTURK BANK Open Bank Accounts for Foreigners?
Yes, KUVEYTTURK BANK opens bank accounts for foreigners and also provides them with credit cards. Since the list of required documents and conditions can frequently change, it is advisable to work with an expert to ensure a smooth process.
13.Does AKBANK Open Bank Accounts for Foreigners?
Yes, AKBANK opens bank accounts for foreigners and also provides them with credit cards. Since the list of required documents and conditions can frequently change, it is advisable to work with an expert to ensure a smooth process.
14.Does YAPI VE KREDI BANK Open Bank Accounts for Foreigners?
Yes, YAPI VE KREDI BANK opens bank accounts for foreigners and also provides them with credit cards. Since the list of required documents and conditions can frequently change, it is advisable to work with an expert to ensure a smooth process.
15.Does DENİZBANK Open Bank Accounts for Foreigners?
Yes, DENİZBANK opens bank accounts for foreigners and also provides them with credit cards. Since the list of required documents and conditions can frequently change, it is advisable to work with an expert to ensure a smooth process.
